Google Tablet Announced -- Meet The Nexus Seven

The device will retail for $199, and features a seven-inch diagonal screen, significantly smaller than the iPad's 10-incher. It's actually exactly the same size as a Kindle Fire, probably the most well-known low-end tablet.

The device weighs 0.75 pound, compared with the Kindle Fire's 0.9 pound and the iPad's 1.44 pounds. So, almost half the weight of an iPad... and less than half the price as well: An iPad retails for $499.

The Nexus Seven runs a version of the Android operating system called "Jellybean," and is designed to work with Google Play, the company's game, movie, books and apps marketplace. Google also announced it will be selling, as opposed to only renting, movies from Google Play.

Google also unveiled a a new "social streaming device" called the Nexus Q that sends content from your PC to your TV and stereo. It can be controlled from Android phones and tablets.

The Nexus Q will available in July in the U.S. initially and sell for $299.